PUNE, India, July 15, 2016 /PRNewswire/ --
The report "Coating Additives Market by Function (Rheology Modifiers, Dispersing, Wetting Agent, Impact Modifier, Anti-Foaming), Application (Automotive, Architecture, Industrial), Formulation (Water, Solvent, Powder Based), and Types - Global Trends & Forecasts to 2021", published by MarketsandMarkets, The global market size is projected to reach USD 9.19 Billion by 2021, registering a CAGR of 6.1% between 2016 and 2021.
Browse 162 market data Tables and 57 Figures spread through 173 Pages and in-depth TOC on "Coating Additives Market"
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The growing construction and automotive industries is expected to drive the coating additives market during the forecast period. China, Korea, Japan, and India are witnessing high demand for high quality construction materials. In addition, the growing automotive sector in these countries is fueling the demand for coating additives.
"Water-borne formulation for coating additives is expected to dominate the market"
Water-borne formulation is expected to be at the forefront of the coating additives market. The stringent environmental regulations in North America and Europe will drive the demand for water-borne formulations in architectural application due to presence of non-hazardous chemicals. With the tightening of regulations over VOC content, the formulators are forced to either use additives that help in reducing the VOC content or shift to water-borne formulation. However, solvent-borne formulation is also expected to show moderate growth rate due to its use in Asia-Pacific due to less stringent environmental regulations.
Coating additives market to be dominated by architectural application between 2016 and 2021
The major applications for coating additives are architectural, automotive, industrial, and wood & furniture. Architectural application accounted for the largest share of the coating additives market. The growing construction sector globally will drive the demand for coating additives, which are widely used in paints and coatings for protection of various materials under extreme conditions. The ability of the additives to provide protection from moisture, microbial growth, heat, and chemical factors makes it ideal for protection. Coating additives are extensively used in formulations for underground pipes, civil engineering projects, towers, offshore structures, and chemical industries. The heat-resistant property of some coating additives makes them important in electrical and electronic applications; and its use in these applications is expected to increase in the future.
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Asia-Pacific to be the largest market during the forecast period
The Coating Additives Market is broadly segmented into five regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to dominate the coating additives market during the forecast period. The major contributor to the region's growth is the fast-growing economy in the countries such as China, India, Japan, and South Korea.
Currently, the global coating additives market is dominated by various market players such as BYK-Chemie GmbH (Germany), AkzoNobel N.V. (Netherlands), Arkema SA (France), Evonik Industries AG (Germany), BASF SE (Germany), The DOW Chemical Company (U.S.) and Ashland Inc. (U.S.).
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